Dresden (dpa/sn) - The number of private bankruptcies in Saxony fell significantly in the first three months of 2022. According to a count by the credit agency Crif, the number of private bankruptcies fell by 22.1 percent compared to the first quarter of 2021. According to the experts, the reason for this was a change in the law to exempt the remaining debt after three instead of six years, which came into force at the beginning of 2021. As a result, affected people waited to file for bankruptcy, leading to a sharp increase in the first three months of 2021.
While only 1,070 insolvency applications were filed in Saxony in the first quarter of 2020, under the new legal situation there were already 1,447 in 2021 and again only 1,127 in 2022.